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July 04, 2015 4:00 AM ET

Insurance

Company Overview of Protective Life Insurance Company

Company Overview

Protective Life Insurance Company, a stock life insurance company, provides financial services through the production, distribution, and administration of insurance and investment products primarily in the United States. The company operates through Life Marketing, Acquisitions, Annuities, Stable Value Products, and Asset Protection segments. The Life Marketing segment markets fixed universal life, indexed universal life, variable universe life, bank-owned life, and level premium term insurance products through a network of independent insurance agents and brokers, broker-dealers, financial institutions, and independent marketing organizations. The Acquisitions segment acquires, converts, an...

2801 Highway 280 South

Birmingham, AL 35223

United States

Founded in 1907

2,441 Employees

Key Executives for Protective Life Insurance Company

Chairman of the Board, Chief Executive Officer, President, Chairman of Protective Life Corporation, Chief Executive Officer of Protective Life Corporation and President of Protective Life Corporation
Age: 63
Vice Chairman and Chief Financial Officer
Age: 54
Chief Investment Officer and Executive Vice President
Age: 58
Executive Vice President, General Counsel and Secretary
Age: 61
Chief Accounting Officer, Senior Vice President and Controller
Age: 55
Compensation as of Fiscal Year 2015.

Protective Life Insurance Company Key Developments

Protective Life Insurance Company and Protective Life Corporation Enters Amended and Restated Credit Agreement with the Several Lenders

On February 2, 2015, Protective Life Corporation and Protective Life Insurance Company (together, the Borrowers), entered into an Amended and Restated Credit Agreement with the several lenders from time to time a party thereto, Regions Bank, as Administrative Agent, to provide for a $1 billion five-year unsecured revolving credit facility. The Credit Agreement includes a $500 million sublimit for the potential issuance of letters of credit and a $50 million sublimit for swingline advances. The Borrowers have the right in certain circumstances to request that the commitment under the New Credit Facility be increased to a maximum amount of $1.25 billion. Borrowings made available under the New Credit Facility may be used for general corporate purposes. Borrowings under the New Credit Facility must be repaid by February 2, 2020. The New Credit Facility amends and restates in its entirety the credit facility, dated July 17, 2012, among the Borrowers, Regions Bank, as Administrative Agent and the lenders party thereto. Revolving credit borrowings under the New Credit Facility will bear interest at a rate equal to, at the option of the Borrowers, (i) the London Interbank Offered Rate, for the applicable period, plus a spread based on the ratings of PLC's senior unsecured long-term debt, or (ii) the sum of (A) a rate equal to the high of (x) the Administrative Agent's prime rate, (y) 0.50% above the Federal Funds rate, or (z) the one-month LIBOR plus 1.00% and (B) a spread based on the ratings of PLC's Senior Debt (which spread is currently 0.10%). The New Credit Facility also provides for a facility fee at a rate that also varies with the ratings of PLC's Senior Debt and that is calculated on the aggregate amount of commitments under the New Credit Facility, whether used or unused.

Protective Life Insurance Company Appoints Wade Harrison as New Senior Vice President and Chief Product Officer

Protective Life Insurance Company has hired Wade Harrison as its new senior vice president and chief product officer. In his new role, Harrison will lead the team that designs, develops and implements life and annuity products. Harrison most recently served as senior vice president of Financial Service Operations for COUNTRY Financial in Bloomington, Illinois, where he was responsible for the company's life and health operations including product development, underwriting, policy services, actuarial valuation and pricing functions.

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Private Placement
May 12, 2015
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